Best 1-Year CD Rates of July 2024: Secure Savings for One Year (2024)

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The average rate for a 1-year CD in the U.S. is 1.86% APY (Annual Percentage Yield). However, the best online banks pay well over 5% APY on a 1-year CD.

The best CD rate on a 1-year CD is 5.44% APY from EagleBank. You can open an online CD if you do not live near a branch in Maryland, Virginia, or Washington, DC, as long as you're not a resident of California, Vermont, or Nevada.

We check rates daily to find the best rates for 1-year terms. Here are our recommendations for the best 1-year CDs.

Best 1-Year CD Rates

  • EagleBank 12 Month CD: 5.44% APY
  • USALLIANCE Financial 1 Year Certificate: 5.40% APY
  • State Bank of Texas 1 Year CD Special: 5.40% APY
  • CFG Bank 1 Year CD: 5.36% APY
  • TotalDirectBank 1 Year CD: 5.35% APY
  • Bask Bank 1 Year CD: 5.30% APY
  • First Internet Bank of Indiana 1 Year CD: 5.26% APY
  • Western Alliance Bank 1 Year CD, powered by Raisin: 5.25% APY
  • Limelight Bank 1 Year Online CD: 5.25% APY
  • Forbright 1 Year Online CD: 5.25% APY

Compare the Best 1-Year CDs

The best 1-year CDs can be found mostly through online banks. Although, one credit union also has a high 1-year CD rate, too. We specify if there's other reasons why a particular CD stands out. For example, some CDs have low minimum opening deposits, low early withdrawal penalties, or even both.

EagleBank 12 Month CD

Start saving

EagleBank, FDIC Insured.

Insider’s Rating

3.5/5

Annual Percentage Yield (APY)

5.44%

Minimum Opening Deposit

$1,000

Pros

  • High APY
  • Standard-to-low early withdrawal penalties

Cons

  • $1,000 minimum opening deposit
  • $500,000 maximum initial deposit
  • Can’t open if you live in California, Nevada, or Vermont
  • Poor mobile app ratings

Product Details

  • 19 locations in Maryland, Virginia, and Washington, DC
  • Can open a CD even if you don’t live near a branch; not eligible to open EagleBank accounts if you live in California, Nevada, or Vermont
  • Online terms range from 6 months to 18 months; For additional CD terms you must call or visit a branch
  • Early withdrawal penalty is 3 months of interest for all terms
  • Interest is compounded daily and deposited quarterly
  • FDIC-insured

USALLIANCE Financial 1 Year Certificate

Start saving

On USALLIANCE Financial's website

Insider’s Rating

3.5/5

Annual Percentage Yield (APY)

5.40%

Minimum Opening Deposit

$500

Pros

  • High interest rate
  • Low minimum opening deposit
  • Variety of CD terms available at the financial institution

Cons

  • Standard-to-high early withdrawal penalties

Product Details

  • 9 branches in MA, CT, NY and NJ
  • To join USALLIANCE Financial you must 1) live in a select area in MA, CT, NJ, or NY 2) work for a select employment group or 3) become a member of the American Consumer Council, Arco of Westchester, Tread Lightly! or the Council of Community Services
  • Terms range from 3 months to 60 months
  • Early withdrawal penalties: 180 days of interest on the amount withdrawn for CD terms of less than 18 months: 360 days of interest for terms of 18 months or longer
  • Interest compounded daily and deposited monthly
  • Federally insured by the NCUA

State Bank of Texas 1 Year CD Special

Start saving

State Bank of Texas, FDIC Insured.

Insider’s Rating

3.5/5

Annual Percentage Yield (APY)

5.40%

Minimum Opening Deposit

$50,000

Pros

  • High APY
  • Low early withdrawal penalties

Cons

  • $50,000 minimum opening deposit
  • Interest isn’t compounded

Product Details

  • 8 branches in Texas and Illinois
  • Available to open online from anywhere in the United States
  • Early withdrawal penalty is 60 days of interest
  • Simple interest is paid at maturity
  • FDIC insured

CFG Bank 1 Year CD

Start saving

On CFG Bank's website

Insider’s Rating

3.75/5

Annual Percentage Yield (APY)

5.36%

Minimum Opening Deposit

$500

Product Details

  • 2 branches near Baltimore, Maryland
  • Free access to over 1,600 M&T Banks ATMs on the East Coast
  • Terms range from 1 year to 5 years
  • Early withdrawal penalties: 90 days of interest for terms of 1 year; 180 days of interest for terms longer than 1 year
  • Interest compounded daily and paid monthly
  • Member FDIC

TotalDirectBank 1 Year CD

Start saving

TotalDirectBank, Member FDIC

Insider’s Rating

3.25/5

Annual Percentage Yield (APY)

5.35%

Minimum Opening Deposit

$25,000

Pros

  • High interest rate
  • Standard early withdrawal penalties

Cons

  • High minimum opening deposit
  • Limited customer support
  • Doesn't operate in Florida, Somoa, Guam, Northern Mariana Islands and US Virgin Islands

Product Details

  • Online-only division of City National Bank of Florida
  • Early withdrawal penalties: 30 days of interest for terms between 30 days up to 6 months; 90 days of interest for terms above 6 months and up to one year; 180 days of interest for terms over 1 year
  • Maximum deposit of $1 million
  • Interest compounded daily and deposited monthly
  • FDIC insured

Bask Bank 1 Year CD

Start saving

Bask Bank, FDIC Insured.

Insider’s Rating

3.5/5

Annual Percentage Yield (APY)

5.30%

Minimum Opening Deposit

$1,000

Pros

  • Competitive interest rate on CDs

Cons

  • $1,000 minimum opening deposit

Bask Bank 1 Year CD review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Early withdrawal penalties: For terms 1 year and under, the penalty is 90 days of simple interest; For any terms over 1 year, the penalty is 180 days of simple interest
  • Interest compounded daily, deposited monthly
  • FDIC insured through Texas Capital Bank

First Internet Bank of Indiana 1 Year CD

Start saving

On First Internet Bank of Indiana's website

Insider’s Rating

4/5

Annual Percentage Yield (APY)

5.26%

Minimum Opening Deposit

$1,000

Pros

  • Competitive APY
  • Standard early withdrawal penalties

Cons

  • $1,000 opening deposit
  • Interest is compounded monthly, not daily

First Internet Bank of Indiana 1 Year Certificate of Deposit review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Terms ranging from 3 months to 5 years
  • 90 days interest early withdrawal penalty for 3-month term; 180 days interest for 6-18 month term; 365 days interest for 24-60 month term
  • Interest is compounded monthly and paid monthly
  • Member FDIC

Western Alliance Bank 1 Year CD

Start saving

On Raisin's website. FDIC Insured Account.

Insider’s Rating

3.75/5

Perks

Earn 5.25% Annual Percentage Yield (APY). $1 minimum deposit. FDIC Insured.

Annual Percentage Yield (APY)

5.25%

Minimum Opening Deposit

$1

Pros

  • Accounts pay high interest rates
  • No fees
  • Open accounts you might not be able access outside of Raisin
  • Minimum opening requirements are often lower than if you opened an account directly with a bank

Cons

  • No checking accounts or business accounts
  • Only way to deposit or withdraw money is by connecting to an external account
  • Can’t connect to third-party budgeting apps, like Mint

Insider’s Take

Raisin is a great option if your ultimate goal is to earn the best savings account, money market account, and CD rates out there. It's a marketplace that connects you with accounts you might not be able to access otherwise, including ones at community-driven and minority-owned institutions.

Western Alliance Bank 1 Year CD, powered by Raisin review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Raisin is an online marketplace that partners with banks to offer competitive rates
  • Offers high-yield savings accounts, money market accounts, CDs, and no-penalty CDs
  • Filter your search by institution, or by type of institution (e.g., minority-led, family-owned, or supports small business)
  • Interest is compounded daily and paid monthly
  • Deposits are federally insured by the FDIC or NCUA

Limelight Bank 1 Year Online CD

Start saving

Limelight Bank, FDIC Insured.

Insider’s Rating

3.75/5

Annual Percentage Yield (APY)

5.25%

Minimum Opening Deposit

$1,000

Pros

  • Competitive interest rate
  • Standard-to-low early withdrawal penalties

Cons

  • $1,000 minimum opening deposit

Product Details

  • Interest compounded daily and deposited monthly
  • FDIC insured

Forbright 1 Year Online CD

Start saving

Forbright Bank, FDIC Insured

Insider’s Rating

3.5/5

Annual Percentage Yield (APY)

5.25%

Minimum Opening Deposit

$1,000

Pros

  • Competitive interest rate
  • Standard early withdrawal penalties

Cons

  • $1,000 minimum opening deposit
  • Limited online CD terms

Product Details

  • For terms less than 24 months, the early withdrawal penalty is 3 months of interest
  • Interest compounded daily and deposited monthly
  • FDIC insured

1-Year CD Reviews

These are our picks for the best 1-year CD rates. Our top picks for CDs are protected by FDIC or NCUA insurance. If you're worried about bank failures, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

EagleBank 12 Month CD

EagleBank CDs offers the highest 1-year CD rate available across banks. It also offers one of the best 6-month CD rates.

EagleBank has locations in Maryland, Virginia, and Washington, DC, so it can be a great local banking option if you live in these areas. You can also open online CDs ranging from 6 months to 18 months if you don't live near a branch as long as you don't live in California, Vermont, or Nevada.

You'll only be able to deposit a maximum of $500,000 into a CD. Another downside to banking with EagleBank is that its mobile banking app has lackluster ratings in both the Google Play and Apple stores.

APY for a 1-year CD: 5.44%APY

1-year CD early withdrawal penalty: 3 months of interest

USALLIANCE Financial 1 Year Certificate

USALLIANCE Financial offers several strong rates on its CDs, including one of our best rates on 1-year CDs. It also offers a relatively low minimum opening deposit of $500.

To open a bank account at the credit union, you must become a member. You may join USALLIANCE Financial if you live in a select area in Massachusetts, Connecticut, New Jersey, or New York; work for a select employment group; or become a member of the American Consumer Council, Arco of Westchester, Tread Lightly!, or Council of Community Services.

If you'd rather be part of a bank instead of a credit union, you choose another one of our top picks.

APY for a 1-year CD:5.40% APY

1-year CD early withdrawal penalty: 180 days of interest

State Bank of Texas 1 Year CD Special

State Bank of Texas has an online 12-month CD special paying 5.40% APY with a $50,000 minimum deposit. You can open the account regardless of where you live in the United States. You also might like this account if you're looking for low early withdrawal penalties on CDs.

Usually, banks compound interest daily, monthly, or quarterly on CDs. State Bank of Texas doesn't compound interest, though. Instead, you'll earn simple interest on the CD. This means you'd earn $2,800 in interest on a $50,000 deposit, whereas you'd earn around $2,880 if it compounded interest daily.

State Bank of Texas also doesn't offer any other online CD terms. If you're looking for more term lengths to build a CD ladder, you might prefer one of the other financial institutions on our list.

APY for a 1-year CD: 5.40% APY

1-year CD early withdrawal penalty: 60 days of interest

CFG Bank 1 Year CD

CFG Bank's 1-year CD may stand out if you're searching for a low minimum deposit of $500. The bank also lets you withdraw money from your CD without any penalty for the first 30 days of the CD, so if you're not totally sure how much money you want to put in your CD, CFG's 1-year CD may be a good choice.

CFG Bank only offers 1-year, 18-month, 3-year and 5-year terms. For more CD variety, consider other financial institutions.

Interest for an 1-year CD: 5.36% APY

1-year CD early withdrawal penalty: 90 days of interest

CFG Bank Review

TotalDirectBank 1 Year CD

The TotalDirect Bank 1 Year CD offers a competitive interest rate on a 1-year term. TotalDirectBank also pays high rates on 3-month and 6-month terms.

TotalDirectBank is the online-only division of City National Bank of Florida. TotalDirectBank CDs have a steep minimum opening deposit of $25,000 and a maximum deposit of $1 million. The online institution also doesn't operate in Florida, Somoa, Guam, the Northern Mariana Islands, or U.S. Virgin Islands.

APY for 1-year CD: 5.35% APY

1-year CD early withdrawal penalty: 90 days of interest

Bask Bank 1 Year CD

The Bask Bank 1 Year CD offers the highest interest rate at the bank. You also might like Bask Bank if you find one of the bank's savings accounts appealing. The online financial institution has a high-yield savings account that pays a great rate. Its mileage savings account is featured in our best bank accounts for travel.

Bask Bank has limited CD terms, though. If you're looking to open a CD with a term over 2 years, you might prefer another institution.

APY for 1-year CD: 5.30% APY

1-year CD early withdrawal penalty: 90 days of interest

Bask Bank Review

First Internet Bank of Indiana 1 Year CD

First Internet Bank of Indiana pays a great interest rate on several CDs, including a 1-year term. This bank is also offers one of the best money market account rates.

First Internet Bank of Indiana compounds your interest monthly, not daily. Depending on how much money is in your CD, this may or may not make a significant difference.

APY for 1-year CD: 5.26% APY

1-year CD early withdrawal penalty: 180 days of interest

First Internet Bank of Indiana Review

Western Alliance Bank 1 Year CD

The Western Alliance Bank 1 Year CD is a competitive 1-year team available on Raisin.

Raisin is an online platform where you can find multiple CDs and high-yield savings accounts from different banks and credit unions.

This 1-year CD stands out in particular because it has one of the best 1-year CD rates available right now, and you can open an account with $1.

If you'd rather get a CD directly with a bank, you'll prefer one of our other top picks. Raisin also doesn't have any checking accounts, so it isn't the strongest option if you want to do all your banking in one place.

APY for 1-year CD: 5.25% APY

1-year CD early withdrawal penalty:90 days of interest

Raisin Review

Limelight Bank 1 Year Online CD

Limelight Bank, an online division of CCBank, offers a 1-year CD with a high interest rate. It also has a great interest rate on an 18-month term. The Limelight Bank CD may be a good choice if you'd like to open a CD with standard-to-low early withdrawal penalties.

You'll need at least $1,000 to open a CD. Some of our other picks let you open an account with $500 or less.

APY for 1-year CD: 5.25% APY

1-year CD early withdrawal penalty: 90 days of interest

Forbright 1 Year Online CD

Forbright Bank is an eco-friendly financial institution in Maryland that has nationwide online CDs. You might like Forbright if you value banking with a financial institution that aligns with your values. Forbright Bank has received a Fossil Free Certification, which means that it will not lend to fossil fuel companies or projects.

If you'd like to open a checking, savings, or money market account, you'll have to open an account at a branch in Maryland. Forbright Bank also has limited online CD terms. You may find more variety at other online banks.

APY for 1-year CD: 5.25% APY

1-year CD early withdrawal penalty: 3 months of interest

Bank Trustworthiness and BBB Ratings

We've compared each bank's Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company's score:

InstitutionBBB grade
EagleBankA+
USALLIANCE FinancialD-
State Bank of TexasNR
CFG BankNR
TotalDirectBankB- (rating for its parent bank, City National Bank of Florida)
Bask BankB
First Internet Bank of IndianaA+
RaisinB+
Limelight BankA+ (rating for its parent bank, CCBank)
Forbright BankA+

USALLIANCE Financial received a D- grade from the BBB because it has responded to a couple of customer complaints.

State Bank of Texas received an NR ("No Rating") grade from the BBB because there isn't sufficient information to rate the business yet.

CFG Bank does not currently have a rating from the BBB because its profile is currently being updated.

TotalDirectBank does not have a BBB page, but its parent bank, City National Bank of Florida, has an B- rating from the Better Business Bureau because it has not responded to two complaints.

Bask Bank received a B rating from the BBB due to several complaints filed against the business.

Raisin received a B+ grade from the BBB due to various complaints filed against the business.

EagleBank paid a civil penalty of $10 million in a settlement in 2022. The Securities and Exchange Commission accused the bank and former CEO and chairman Ronald D. Paul of making false and misleading statements about party loans relating to Paul's family trusts.

What Influences the Best 1-Year CD Rates

Role of the Federal Reserve

The Federal Reserve is the central bank of the United States. One of its responsibilities is managing the federal funds rate. A committee meets at least eight times per year to discuss potential changes to rates.

Changes in the federal funds rate impact interest rates on banking products. CD rates go up during rate hikes and drop during rate cuts.

Market Fluctuations

Market fluctuations can also influence whether specific terms are more competitive than usual. Currently, short-term CD rates are higher long-term CD rates. If you compare our top 1-year CD rates with the best 5-year terms, the former is higher.

The reason why short-term CD rates are the most competitive terms right now is because Fed rate cuts are likely to happen in the future. The Fed wants inflation to get closer to 2% before cutting rates, though. To stay up to date on the Fed's decisions, pay attention to upcoming Fed meetings.

Competition Across Institutions

Banks also have their own criteria for setting CD rates. You might see banks with CD specials or promotions on 1-year terms. These promotions are sometimes limited to certain customers. You also might need to deposit money from another bank (often referred to as"new money" by banks).

How to Find the Best 1-Year CD for You

Of course, interest rates are important when finding the right 1-year CD. But you should also think about the minimum opening deposit — if you don't have enough money to open the CD that pays the highest rate, it's still worth opening a CD that pays a little less but has a minimum you can afford.

You should also think about the early withdrawal penalty. If a bank charges high penalties for taking money out early from a 1-year CD, it could wipe out any earnings you've accumulated. If you're worried about needing money early, you may prefer a no-penalty CD with a 1-year term — they aren't super common, but they do exist.

Pros and Cons of 1-Year CDs

ProsCons
  • Better rates than high-yield savings accounts

  • Guaranteed rate of return

  • If rates go down, you keep the higher rate you have now

  • Funds are insured by the FDIC

  • Early withdrawal penalties may help you resist spending temptation

  • Lower risk than the stock market

  • If rates go up, you keep the lower rate you've locked in
  • You can't add more money throughout the year
  • Early withdrawal penalties
  • Potentially lower returns than the stock market

Secure the Best Returns on a 1-Year CD

One-year CDs are paying great rates right now, and you'll earn that rate for the entire year. You don't have to worry about your rate decreasing — you know how much you're going to earn. The flip side is that you won't get to benefit from a higher rate if the bank increases its 1-year rates, but it's unlikely that CD rates will go up in 2024 anyway.

Although 1-year CDs are paying better rates than high-yield savings accounts right now, they also come with less flexibility. Savings accounts allow you to deposit more money at any time, while CDs don't let you put more in after making your initial deposit. You'll also pay a penalty if you withdraw funds early from a CD. If you decide to withdraw money early, most banks require you to take out the full amount, so you can't leave any in the account to continue earning interest.

CDs come with much less risk than investing your money in the stock market, because you have a guaranteed rate of return. It's possible you could earn less than with the stock market, but the market is unpredictable. Because one year is a relatively short amount of time, you may want to go with the safer choice by opening a CD instead.

Alternatives to a 1-Year CD

1-Year CD vs. Shorter-Term CD

You might prefer a 3-month CD or 6-month CD if you can't part with your money for a full year. The good news is that rates are high on short terms right now, too — the best 6-month CD rates are comparable to the best 1-year CD rates.

1-Year CD vs. Longer-Term CD

You may want to put money into a longer CD term if you know you won't need it for more than a year. Plenty of online institutions are paying great rates on terms up to five years. However, the best 1-year CD rates are higher than rates on longer terms right now.

Still, you may be interested in building a CD ladder, which involves splitting your money into multiple CD terms so you can access it at different times. For example, you could open a 1-year, 3-year, and 5-year CD, and you'd have access to your money and earned interest after one, three, and five years. This helps you avoid some risk. If you put all of your money into a 1-year CD with plans to put it back into another 1-year CD after the term ends, 1-year rates may be lower by then. But building a ladder, you lock in high rates now before rates have the potential to drop.

1-Year CD vs. High-Yield Savings Account

One-year CDs are paying even better rates than the best high-yield savings accounts. But you still might prefer the latter for two reasons: You can deposit money at any time, and you can withdraw money without paying a penalty. When trying to decide between CDs versus high-yield savings accounts, remember that both are great savings tools, so there's no reason you can't open both accounts to save for different goals.

1-Year CD vs. Money Market Account

A money market account is similar to a savings account, except it usually comes with some perks you'd get with a checking account, such as an ATM card, debit card, or paper checks. Basically, it makes it easier to access your money. The best money market accounts pay great rates, but they're still not as high as the best 1-year CD rates. A money market account could be a good fit if you want easier access to your savings, though, especially since CDs don't allow you to withdraw funds without paying a penalty.

1-Year CD FAQs

Why are 1-year CDs a popular choice?

A 1-year CD is a popular choice because it pays a fixed interest rate for one year. Some of the highest CD rates overall are available as 1-year terms.

Should I lock into a 1-year CD if rates are predicted to rise?

If you expect CD rates to rise, you might consider waiting to lock in a higher rate or building a CD ladder. Keep in mind experts recommend choosing a CD term that aligns with your goals so you can avoid making early withdrawal penalties.

Are the best 1-year CD rates always from the same institutions?

Generally, online banks and credit unions pay the best 1-year CD rates. It isn't always the same institutions that feature the most competitive rates, though.

Are there special 1-year CDs with higher rates?

Sometimes, banks offer promotional CDs with higher rates. Depending on the bank, these specials may be geared toward new or existing customers.

What's the best place to find accurate 1-year CD rates?

At Business Insider, we review our best CD rates daily so you know where to find top rates. We update our guides when there are significant rate changes or other banks raise their CD rates.

How much does a $10,000 CD earn in a year?

If you deposit $10,000 into a 1-year CD, some of the the best CDs could earn around $550 in interest.

Who has the highest 12 month CD rate?

The best rate for a 12-month CD is 5.44% APY from EagleBank.

Why You Should Trust Us: Expert Advice on Choosing the Best CD

To learn more about what makes a good CD and how to choose the best fit, four experts weighed in:

Best 1-Year CD Rates of July 2024: Secure Savings for One Year (11)

BI

How can you be sure you're picking the right bank?

Tania Brown, certified financial planner and vice president of coaching strategy at OfColor, says the most important thing is FDIC insurance, which protects your money if the bank were to collapse. For credit unions, the equivalent is NCUA insurance. Next, she says, consider the experience you want to have with your bank: Do you want to walk in and talk to a person? Then you need a bank with a local branch. Are you fine never speaking to someone in person? Then an online bank will work for you. Do you write checks (or not)? Then you need an account that comes with checks.

Sophia Acevedo, a certified educator in personal finance and banking editor for Business Insider, adds that it's a good idea to include costs in your list of priorities. For instance, is there a monthly fee for the account you want? If so, what are the requirements to waive it — and can you meet them? If it's important that you earn interest, you'll want to choose a bank and an account that pays a higher interest rate than the average bank account.

How do you choose between all the available CD terms?

Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life", says you should start by deciding when you need the money, then looking at available rates for CDs with similar timing.

Knowing how you'll use the money you plan to put in a CD is central to the one you choose, says Mykail James, MBA, certified financial education instructor at BoujieBudgets.com. Perhaps it's a house fund — in that case, if you know that you want to buy a house in two years, you'll need to make sure your CD term ends by then.

When do you use a CD instead of a high-yield savings account or money market account?

Brown says you should know two things to help make this decision: how much money you'll be putting in, and how much you plan to interact with that money. If you're going to need to make transactions before the term of a CD ends, you'll have to choose a high-yield savings or money market account.

Acevedo adds that both the high-yield savings account and money market account can be good options for an emergency fund or short-term savings goals. The best savings accounts tend to offer strong interest rates, while money market accounts typically offer more access to your money, like paper checks or debit cards.

Our Methodology: How We Chose the Best 1-Year CDs

Business Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

We regularly monitor CD rates at over 60 banks, credit unions, and banking platforms. We've also reviewed CDs at these institutions using our CD rates methodology to find the most well-rounded banking options.

For each CD, we compared the minimum opening deposits, early withdrawal penalties, and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, and ethics.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

  • Bank accounts
  • Savings and CD rate trends
  • Budgeting
  • Saving
  • How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

Kit Pulliam

Personal Finance Insider editorial fellow

Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceKit has spent their career making complicated concepts more accessible to the average person. As a tutor in math and reading comprehension after college, they melded the certainty of numbers with the flexibility of words, a skill that has served them in the personal finance field since.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.ExpertiseTheir expertise includes:

  • Certificates of deposit
  • Savings accounts
  • Checking accounts
  • CD rates
  • Bank reviews

EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.

Evelyn He

Compliance and Operations Associate

Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.

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Best 1-Year CD Rates of July 2024: Secure Savings for One Year (15)

NexBank High Yield Savings Account Earn 5.26% Annual Percentage Yield (APY). $1 minimum deposit. FDIC Insured.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

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